Financial News: Philippines Manufacturing PMI Eases To 50.8 - S&P

Philippines Manufacturing PMI Eases To 50.8 - S&P Global

(RTTNews) - The manufacturing sector in the Philippines continued to expand in August, albeit at a slower rate, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 50.8.

That's down marginally from 50.9 in July although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Filipino manufacturing output rose for the third consecutive month in August, with the pace of increase reaching its fastest rate in four months and only slightly softer than the series average. Supporting the upturn in output was a sustained rise in new business. The growth rate was broadly in line with that observed in July, with anecdotal evidence pointing to new customer acquisitions and improved underlying demand trends as driving the latest expansion.

Manufacturers in the Philippines also indicated a strengthening of foreign demand for goods, with the growth rate quickening to a seven-month high. The rise in production requirements encouraged firms to purchase inputs at a faster pace, with August data signaling the sharpest upturn in four months.

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